Energy
Arizona Gas Drops Toward $1.10, Helped by Tax
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The price of a gallon of regular gasoline has dropped as low as $1.12 in Arizona. This is helped by the state gas taxes and tariffs, which at $0.374 a gallon are the eighth lowest in the country.
The average price for a gallon of regular nationwide is about $1.70. The price average in Arizona is $1.51, the third lowest in the nation, according to GasBuddy. Among the 50 stations in the United States with the lowest prices, 47 are in Arizona. The other three are in Texas.
The average gas tax and tariff among the 50 states is $0.48, according to the American Petroleum Institute, so Arizona’s advantage on that point is large.
24/7 Wall St. recently analyzed states with the highest and lowest gas taxes.
The price of crude remains near multiyear lows, above $33 a barrel on Friday. The price has a 52-week low of $26.05 and 52-week high of $65.69. An agreement among several producing nations to cap production at January levels has not helped boost prices significantly. Demand is slack worldwide, to some degree because of the slowdown in the Chinese economy.
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